理论经济学
This paper focuses on finite-player incomplete information games where players may hold mutually inconsistent beliefs without a common prior. We introduce absolute continuity of beliefs, extending the classical notion of absolutely…
Matching problems with linearly transferable utility (LTU) generalize the well-studied transferable utility (TU) case by relaxing the assumption that utility is transferred one-for-one within matched pairs. We show that LTU matching…
A designer distributes goods while considering the perceived equity of the resulting allocation. Such concerns are modeled through an equity constraint requiring that equally deserving agents receive equal allocations. I ask what forms of…
If a measure of voting power assigns players greater voting power because they no longer effectively cooperate, then it displays the quarrelling paradox and violates the quarrel postulate. However, we prove that certain types of quarrel…
We study a continuous time contracting model in which a principal hires a risk averse agent to manage a project over a finite horizon and provides sequential payments whose timing is endogenously determined. The resulting nonzero-sum…
The ethic of proportional redistribution is a compromise between the extremely compensatory ethic of full redistribution and the needs-blind ethic of laissez-faire. In a basic model of redistribution problems with needs, we characterize…
In the housing market model introduced by Shapley and Scarf (1974), we propose a new axiom, local unanimity, that extends the unanimity condition widely used in social choice theory. It applies the unanimity condition to any subset of…
I develop a tractable adverse-selection model comparing secured bank loans and bonds when both pledge collateral but differ in effective liquidation efficiency. A small wedge in recovery rates generates coexistence, a sharp bank-bond…
We take an axiomatic approach to the allocation of riparian water rights. We formalize ethical or structural properties as axioms of allocation rules. We show that several combinations of these axioms characterize focal rules implementing…
Electric power systems are increasingly turning to energy storage systems to balance supply and demand. But how much storage is required? What is the optimal volume of storage in a power system and on what does it depend? In addition, what…
This paper provides a unified approach to characterize the set of all feasible signals subject to privacy constraints. The Blackwell frontier of feasible signals can be decomposed into minimum informative signals achieving the Blackwell…
We analyze the problem of matching asylum seekers to member states, incorporating wait times, preferences of asylum seekers, and the priorities, capacities, and burden-sharing commitments of member states. We identify a unique choice rule…
Standard models of asset price dynamics, such as geometric Brownian motion (see, for example, Osborne, 1959, Samuelson, 2016), do not formally incorporate investor inertia. This paper presents a two-stage framework for modelling this…
This paper proposes a novel school choice system where schools are grouped into hierarchical bundles and offered to students as options for preference reports. By listing a bundle, a student seeks admission to any school within it without…
A researcher allocates a budget of informative tests across multiple unknown attributes to influence a decision-maker. We derive the researcher's equilibrium learning strategy by solving an auxiliary single-player problem. The attribute…
In this paper we examine non-convex dynamic optimization problems with forward looking constraints. We prove that the recursive multiplier formulation in \cite{marcet2019recursive} gives the optimal value if one assumes that the planner has…
We study allocation problems with reserve systems under minimum beneficiary-share guarantees, requirements that targeted matches constitute at least a specified percentage of total matches. While such mandates promote targeted matches, they…
This paper studies a dynamic screening model in which a principal hires an agent with limited liability. The agent's private cost of working is an i.i.d. draw from a continuous distribution. His working status is publicly observable. The…
Originating in evolutionary game theory, the class of "zero-determinant" strategies enables a player to unilaterally enforce linear payoff relationships in simple repeated games. An upshot of this kind of payoff constraint is that it can…
We study dynamic network formation from a centralized perspective. In each period, the social planner builds a single link to connect previously unlinked pairs. The social planner is forward-looking, with instantaneous utility monotonic in…